Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,939/mo
+$560/mo- Down payment
- $0
- Funds due
- $19,064
- Interest + MI left
- $1,043,743
- First ends
- May 2055
New loan
New conventional
$5,379/mo
Lowest payment- Down payment
- $76,000
- Funds due
- $89,410
- Interest + MI left
- $1,037,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $814,262 | $684,000 |
| Second mortgage | — | — |
| First P&I | $5,432.76 | $4,735.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $136.80 |
| Taxes, insurance & HOA | $505.92 | $505.92 |
| Total housing payment | $5,938.68 | $5,378.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$19,064
Usable credit−$0
Total buyer cash needed$19,064
Earnest money paid−$0
Remaining funds due$19,064
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,071.31
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$867.75
Prepaid interest, first (2 days)$306.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 6 moOf the original 30-year loan at 6.870%
Interest already paid$84,637Through Nov 2026
Assumption only · ends May 2055$1,043,743
New conventional · ends Dec 2056$1,037,332